How should entrepreneurs think?

Be cognitively adaptable, Effectively, Learn from failure

Why do businesses fail?

No customer need was established, Unreasonable goals, Lack of experience in the planned business, Insufficient funding

What are positive characteristics of a business?

Satisfy customers, Less competition, Expertise through participation, Secured suppliers and distributers

What is an entrepreneur?

A person that organizes and manages an enterprise

An exclusive/legal right given to an inventor to exploit

The rules/principals that define right/wrong actions

What are sources of new ideas?

Internal mindset, Existing products/services, Consumers, Distribution Channels

Rival businesses taking service away from your business

What are negative attributions to a business?

Not interpreting customer needs/wants, Not thinking about customers above all

What is Globalization?

The linkage of economies/cultures that fosters a business

A potential group of customers/investors paying for product

What are competitive advantages?

What sets an organization apart; its competitive edge

What is a key to an innovating trend?

Implementing a product which will have a long lasting impact

What are resources in terms of a business?

Trade tactics, Workers, Investments, Money

What are demographics?

The vital statistics of a population

What is the Break-Even Point?

When a business makes minimum sales to cover expenses

The end result which an entrepreneur envisions to become

A share of ownership in a corporation

What is Entrepreneurship?

The process of getting into and operating one's own business

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Entrepreneurship

20 termsStudBud Administration32 plays

Enterpenuership for Deca

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Questions 20

Answers

1
How should entrepreneurs think?
Close mindedly
Be cognitively adaptable
Effectively
Learn from failure
2
Why do businesses fail?
No customer need was established
Unreasonable goals
Lack of experience in the planned business
Insufficient funding
3
Why is it risky to start "NEW"?
Cost of learning
All the above
Failure to have prior expirience
Role conflict
4
What are positive characteristics of a business?
Satisfy customers
Less competition
Expertise through participation
Secured suppliers and distributers
5
What is an entrepreneur?
A business with innovative ideas
Someone who owns a building in a city
A person that organizes and manages an enterprise
An individual who is involved in community service
6
What is a patent?
The legal form provided to an individual proving citizenship
An exclusive/legal right given to an inventor to exploit
A document claiming legal protection from being sued
Document signed by all employees prior to working
7
What are ethics?
The amount of wealth a certain business owns
The location of a market for max profit
The skin color of your employees
The rules/principals that define right/wrong actions
8
What are sources of new ideas?
Internal mindset
Existing products/services
Consumers
Distribution Channels
9
What is competition?
Businesses in the same field trying to aide your progress
Rival businesses taking service away from your business
Employees leaving on their lunch break early
A global trade unit benefiting your business
10
What are negative attributions to a business?
Not interpreting customer needs/wants
Understanding of healthy customer-entrepreneur relations
Being able to cope with co-workers
Not thinking about customers above all
11
What is Globalization?
The ratio of foreign customers to native customers
An Ap Human Geography term I have not memorized yet/forgot
The linkage of economies/cultures that fosters a business
An internal bond between two employees
12
What is a market?
An office building filled with enterprises
A potential group of customers/investors paying for product
A range from 1-10 on how valued customers are
A board entrepreneurs put their ideas on during stage 1
13
What are competitive advantages?
What sets an organization apart; its competitive edge
The loss of money due to theft in a company
A definite problem when it comes to deciphering problems
A situation in adherence to the local community
14
What is a key to an innovating trend?
Implementing a product which will have a long lasting impact
Creating a product for the minority of customer ratio
Creating a product which serves similar purpose to one prior
Creating a product on the basis of ones own needs
15
What are resources in terms of a business?
Trade tactics
Workers
Investments
Money
16
What are demographics?
How many employees have a significant partner and family
The frequency of how many vacation days employees take
The vital statistics of a population
The struggle between various competitive businesses
17
What is the Break-Even Point?
A sufficient balance of product to customer ratio
When a business makes minimum sales to cover expenses
The point in which entrepreneurs break and lose their wealth
The start time when a market first begins selling an item
18
What is a vision?
The end result which an entrepreneur envisions to become
The french word translating to deja vu
The last market an owner witnesses before failure
The technique used so a business owner knows who to fire
19
What is stock?
Investments made in sponsoring a foundation
A share of ownership in a corporation
A group of employees who belong to a union
Taxes business holders must pay on a monthly basis
20
What is Entrepreneurship?
The process of getting into and operating one's own business
A legal agreement to begin a new branch location
Someone who initiates and actively seek to begin a business
A systematic and structured threat that can harm a business

Entrepreneurship Flashcards | StudBud